Litecoin falls beneath a bullish order block, could $40 be next target - Aliens: AI Crypto News & Markets Updates
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Litecoin falls beneath a bullish order block, could $40 be next target

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AMB Crypto

Sun, Jul 03, 2022

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Aliens TLDR

Just a week ago, Litecoin [LTC] rallied to the $61 level but faced rejection there.

The market structure continued to remain bearish, and the psychological $50 level has been defended in the past few days.

Moreover, the $61 area was also the low of the range formed in May. The confluence of these two resistances was strong, and LTC faced rejection from the $61 zone.

Moreover, this zone was just above the longer-term horizontal support level at $50.4.

At the time of writing, the price appeared to slip below both the $50.4 support level as well as the demand zone above it.

The price action of LTC in recent trading sessions showed that the $50-$52 area was a crucial area of support.

If there was a session close beneath the psychologically important $50 level, it could see Litecoin begin to tumble much lower down the charts.

The Fibonacci retracement level at $48 could offer some weak support, but below it, the $40 area beckoned

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Litecoin falls beneath a bullish order block, could $40 be next target

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the opinion of the writer. Just a week ago, Litecoin [LTC] rallied to the $61 level but faced rejection there. This was a bearish development, especially for long-term investors. The market structure continued to remain bearish, and […]
AMB Crypto
·

Jul 3

Altcoin

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